[December 19, 2014] |
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Aspen Re Renews Silverton for 2015
Aspen Reinsurance ("Aspen Re"), the reinsurance segment of Aspen
Insurance Holdings Limited ("Aspen") (NYSE:AHL), announces that its
Aspen Capital Markets division has renewed Silverton Re for 2015.
Silverton Re is a Bermuda-domiciled special purpose insurer which was
established in December 2013 to provide additional collateralized
capacity to support Aspen Re's global reinsurance business.
Silverton Re has been renewed for 2015 with $85 million of capital being
raised to write a quota share of Aspen Re's property catastrophe
portfolio, which compares with the $65 million of capital raised at
launch in December 2013. US$15 million of the funding is provided by
Aspen and additional funding is secured from third-party investors. Aon
Benfield Securities, Inc. acted as the placement agent. The capital is
being raised through the issuance of Series 2015-1 Participating Notes
which will mature on September 18, 2017.
Silverton Re will enter into a quota share retrocession agreement with
Aspen Bermuda Limited under which Silverton Re will reinsure a
proportionate share of Aspen Re's globally diversified property
catastrophe excess of loss portfolio.
Stephen Postlewhite, Chief Executive Officer, Aspen Re, said: "Our
objective when we established Silverton Re was to partner with the
capital markets so that we are able to provide investors with access to
diversified natural catastrophe risk backed by the distribution,
underwriting, analysis and research expertise of Aspen Re. We are
pleased with the progress that we have made in developing strong
partnerships with new investors."
This release is not an offer of securitie for sale into the United
States or elsewhere. No securities may be offered or sold in the United
States absent registration or an exemption from, or in a transaction not
subject to, the registration requirements of the U.S. Securities Act of
1933, as amended (the "Securities Act"), including pursuant to the
private offering exemption provided by Section 4(a)(2) of the Securities
Act and the provisions of Regulation D promulgated thereunder.
NOTES TO EDITORS:
About Aspen Reinsurance ("Aspen Re")
Aspen Re is a business segment of Aspen Insurance Holdings Limited with
gross written premiums of $1.1 billion in 2013. Aspen Re offers a broad
range of specialty reinsurance products and has a global footprint with
offices in the United States, Bermuda, the United Kingdom, Switzerland,
France, Germany and Singapore.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various
domestic and global markets through wholly-owned subsidiaries and
offices in Bermuda, France, Germany, Ireland, Singapore, Switzerland,
the United Kingdom and the United States. For the year ended December
31, 2013, Aspen reported $10.2 billion in total assets, $4.7 billion in
gross reserves, $3.3 billion in shareholders' equity and $2.6 billion in
gross written premiums. Its operating subsidiaries have been assigned a
rating of "A" ("Strong") by Standard & Poor's Ratings Services, an "A"
("Excellent") by A.M. Best Company Inc. and an "A2" ("Good") by Moody's
Investors Service, Inc.
Application of the Safe Harbor of the Private Securities Litigation
Reform Act of 1995
This press release may contain written "forward-looking statements"
within the meaning of the U.S. federal securities laws. These statements
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
include all statements that do not relate solely to historical or
current facts, and can be identified by the use of words such as
"expect," "intend," "plan," "believe," "do not believe," "project,"
"anticipate," "seek," "will," "estimate," "may," "likely," "continue,"
"assume," "objective," "aim," "guidance," "outlook," "trends," "future,"
"could," "would," "should," "target" and similar expressions of a future
or forward-looking nature.
All forward-looking statements rely on a number of assumptions,
estimates and data concerning future results and events and are subject
to a number of uncertainties and other factors, many of which are
outside Aspen's control that could cause actual results to differ
materially from such statements. For a detailed description of
uncertainties and other factors that could impact the forward-looking
statements in this press release, please see the "Risk Factors" section
in Aspen's Annual Report on Form 10-K for the year ended December 31,
2013 filed with the U.S. Securities and Exchange Commission on February
20, 2014. Aspen undertakes no obligation to update or revise publicly
any forward-looking statements, whether as a result of new information,
future events or otherwise.
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